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Russia, Iran For The First Time To Develop Oil

- Apr 09, 2018 -

Iran’s state television reported that a consortium led by Russian state-owned Zarubezhneft Oil and Iran’s National Oil Company (NIOC) recently signed a US$742 million 10-year oilfield development agreement to jointly develop Ira in western Iran. Two oil fields in Ilam.


The consortium led by Zarubin Day also includes Iran’s private energy company Dana Energy. Both parties will work with NIOC to develop Aban and WestPaidar oil fields. The goal is to increase the daily output of crude oil from the current 36,000 barrels to 48,000 barrels, an increase of more than 30%. The total output in 10 years is expected to be close to 100 million barrels.


Iran’s Minister of Petroleum Zambian said at the signing ceremony in Tehran: “This is the first time we have signed an oilfield development agreement with a prominent Russian company. This cooperation will accelerate the increase of oil production in the Iran-Iraq border area and is expected to This year brings 4 billion U.S. dollars in fiscal revenue to Iran."